| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 7 October 2008 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 50.0% of the shares of Great Northern Developments Limited, the value of the assets of Great Northern Developments Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | $172,800,000 |
| Applicant | Haumi Development Limited Partnership United Arab Emirates (100.0%) The Applicant is a wholesale fund that provides an opportunity for institutional investors to participate in property development and trading investments in the commercial, industrial, residential and retail markets in New Zealand. |
| Vendor | APEREF II Limited New Zealand (72.9%), Australia (27.1%) The Vendor trades as AMP Private Equity Real Estate Fund II. |
| Background | The Target of the Investment is Great Northern Developments Limited (GNDL) and is a special purpose vehicle for funds managed by AMP Capital Investors (AMPCI), incorporated for the purpose of acquiring and redeveloping the Lion Nathan Brewery site located on Khyber Pass Road, Newmarket, Auckland, New Zealand (Property) to comprise mixed use development including commercial office, residential and retail space with integrated public transport and other infrastructure (refer A200720028/ D200720028). The business of the Target, namely the development of the Property, will continue to be run by the existing team in substantially the same way in which the business has been conducted to date. In order to obtain new funds to explore alternatives and develop the Property referred to in the previous paragraph, the Vendor wishes to sell 50% of the issued share capital of the Target to the Applicant. Abu Dhabi Investment Authority (ADIA), through the Applicant, is interested in continuing to participate in real estate development projects and has evaluated the Investment in New Zealand taking into account several factors that make it meets its investment criteria. ADIA's intention is to, through its subsidiaries, gain investment exposure to the New Zealand property market in order to create a diversified property portfolio which will complement other investments made by it in the real estate market in other countries. ADIA has already invested in New Zealand. The Investment therefore complements ADIA's portfolio of long-term real estate investments and infrastructure development within New Zealand. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Cathy Quinn Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |